Malaysia reluctant to join TPP

Malaysia has said its participation in the proposed Trans-Pacific Partnership would depend on “ensuring its sovereignty” in the pact which aims to combine the economies of a number of Asia-Pacific and American nations, including the US.

Officials of the International Trade and Industry Ministry said that joining the TPP should not be bound by any fixed timeline because “many issues remain unresolved.”

These issues include state-owned enterprises, investor-state dispute settlement system, market access, government procurement, as well as labour and intellectual property rights, they added, emphasising that Malaysia would only agree with terms “that are most favourable” to the country.

On the issue of intellectual property rights, which also touches upon access to affordable medicines, or generics, the statement said the cabinet was unanimous that Malaysia would not agree to any proposal that would deny access to affordable medicine and healthcare.

It is understood that another full briefing on the TPP for the cabinet would be held soon.

The TPP is intended to be a “high-standard” agreement specifically aimed at emerging trade issues in the 21st century. Since 2010, negotiations have been taking place with Australia, Brunei, Chile, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, Vietnam and, as of late, Japan. South Korea was asked by the US to consider joining the TPP but declined. Of other ASEAN nations, Thailand and the Philippines have also opted out for the time being..

Malaysia has said its participation in the proposed Trans-Pacific Partnership would depend on “ensuring its sovereignty” in the pact which aims to combine the economies of a number of Asia-Pacific and American nations, including the US.

Officials of the International Trade and Industry Ministry said that joining the TPP should not be bound by any fixed timeline because “many issues remain unresolved.”

These issues include state-owned enterprises, investor-state dispute settlement system, market access, government procurement, as well as labour and intellectual property rights, they added, emphasising that Malaysia would only agree with terms “that are most favourable” to the country.

On the issue of intellectual property rights, which also touches upon access to affordable medicines, or generics, the statement said the cabinet was unanimous that Malaysia would not agree to any proposal that would deny access to affordable medicine and healthcare.

It is understood that another full briefing on the TPP for the cabinet would be held soon.

The TPP is intended to be a “high-standard” agreement specifically aimed at emerging trade issues in the 21st century. Since 2010, negotiations have been taking place with Australia, Brunei, Chile, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, Vietnam and, as of late, Japan. South Korea was asked by the US to consider joining the TPP but declined. Of other ASEAN nations, Thailand and the Philippines have also opted out for the time being..